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Petrovietnam looks for new projects, oil fields

Update: July, 17/2015 - 08:37

An image of the Song Hau 1 thermoelectricity plant. — Photo

HA NOI (VNS) — The Viet Nam Oil and Gas Group (Petrovietnam or PVN) is targetting nearly VND383 trillion (US$17.56 billion) in revenue during the last six months of 2015.

It will also pay VND87 trillion ($3.98 billion) into the State budget.

The PVN revealed in its first half-yearly report that it expected to exploit 8.37 million tonnes of crude oil and 4.67 billion cubic metres from now to the end of this year.

To reach the target, the PVN will continue its plan to expand its exploration of new oilfields to boost crude oil and gas reserves to between 35 and 40 million tonnes (the volume of gas is converted to tonnes of oil equivalent). It will also explore lucrative projects in foreign countries for investment, while calling on big oil and gas companies in the world to invest in its projects.

Petrovietnam exploited 14.71 million tonnes of gas and oil in the first half of the year, which was 8.5 per cent higher than its target for the period, and represented an increase of 6.1 per cent compared with the same priod last year. Of the figure, crude oil output amounted to 9.28 million tonnes while that of gas hit 5.43 billion cubic metres, 10.1 per cent and 5.8 per cent above the half-year target, respectively.

The group's revenue totalled VND296.1 trillion ($13.57 billion), accomplishing 41 per cent of the year's target. It paid VND63.6 trillion ($2.9 billion) in tax.

The report showed that the PVN's implementation process of the State's key projects in oil and gas and others had been closely controlled. It invested VND41.7 trillion ($1.91 billion) in the projects, or 40 per cent of the yearly target.

During the period, the group put into operation the Vung Ang 1 thermoelectricity plant in May and began construction of several projects including the Song Hau 1 thermoelectricity plant, Ca Mau Gas Processing Plant, and an oil and gas service port, apart from a national oil and gas storage facility in Phu Quoc Island.

The group last month acquired all the stakes in Chevron, one of the biggest multinational energy corporations in the US, with assets in Viet Nam and offshore projects, including Block B, Bloc 48/95 and Block 52/97. — VNS

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